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Over the millennia and across cultures, notions regarding what constitutes "property" and how it is treated culturally have varied widely. Ownership is the basis for many other concepts that form the foundations of ancient and modern societies such as money, trade, debt, bankruptcy, the criminality of theft, and private vs. public property.
Every asset of the business is owned by the proprietor, and all debts of the business are that of the proprietor; the business is not a separate legal entity. The arrangement is a "sole" proprietorship in contrast with a partnership, which has at least two owners. Sole proprietors may use a trade name or business name other than their legal name.
A benefit of starting a partnership is the ability to raise capital more freely. The business is not reliant upon one persons skills. The business can use different persons strong points to their advantage. This is applicable to accountants – one may be able to give advice easily, whereas the other partner may be more capable of sorting accounts.
Sole Proprietorship – Sole Proprietorship firm is the simplest form of business entity in India. It is owned and managed by a single person. It is usually considered to be the easiest way of registering and starting a business. It is not governed by any law and hence it is the easiest form of business in India.
An example is a sole trader or proprietorship. The sole trader takes money from the business by way of 'drawings', money for their own personal use. Despite it being the sole trader's business and technically their money, there are still two aspects to the transaction: the business is 'giving' money and the individual is 'receiving' money.
The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company such as a corporation or cooperative . Colloquially, the terms are used interchangeably.
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Sole proprietorship: A sole proprietorship is a business owned by one person. The owner may operate on his or her own or may employ others. The owner of the business has total and unlimited personal liability for the debts incurred by the business. This form is usually relegated to small businesses.